Global asset management company Mirae Asset has acquired a pre-leased and income-producing warehousing property spread over 11 acres in Bhiwandi near Mumbai from property and logistics developer BGR Constructions LLP, furthering its investments into logistics and industrial real estate in India.
The company’s India arm, Mirae Asset Investment Managers (India), has made this acquisition of a logistics facility in BGR Logistics Park with over 5 lakh sq ft leasable area through a category II alternative investment fund (AIF), Mirae Asset Credit Opportunities Fund, for around ? 175 crore.
“This acquisition is in line with our strategy to acquire core assets in tier-1 cities. We will continue to evaluate and invest in such grade-A assets across major warehousing hubs as we expand our presence in India,” said Hakim Ronak, head-real estate investments, Mirae Asset Investment Managers (India).
This is Mirae Asset’s second such transaction in the last six months and with this, it now owns around 8 lakh sq ft warehousing space with a total investment of over ? 300 crore in Bhiwandi alone.
Prior to this, Mirae Asset had acquired another pre-leased and income-producing warehousing property spread over 10 acres in Bhiwandi with 3 lakh sq ft leasable area.
"This property is a great addition to our real estate portfolio and we believe it has significant potential for growth. This deal is a strategic fit for our fund and has enabled us to expand our presence in the Mumbai market.” said Swarup Mohanty, CEO and Director of Mirae Asset Investment Managers India.
The new warehousing asset acquired now is a prime fulfilment centre of ecommerce major Amazon India and the entire logistics park spread over 70 acres also houses key tenants including DHL, Bestseller, Kuehne Nagel, Yusen Logistics and Parekh Logistics.
Mirae Asset has multiple business entities across financial services in India, including a mutual fund business, fixed income, private equity and real estate. With Mirae Asset Credit Opportunities Fund, it plans to focus primarily on acquiring income-producing core logistics and industrial assets across the country.
Mirae Asset Global Investments arm presently manages $214 bn assets under management (AUM) (as on 30th June 2023). Its product portfolio includes fixed income, mutual funds, private equity and real estate. In India, it is managing over ? 1.34 lakh crores AUM (as of 31st July 2023) under its Mutual Fund business. Mirae Asset at a Group level owns and manages approx. $10 billion worth (as of December 2022) of real estate properties around the world.
